Volkswagen may be nearing a settlement over its criminal and civil investigations with the U.S. Department of Justice for $3 billion, Reuters reported.

The agreement hasn't yet been finalized but could be announced as early as next week, according to the report. A spokesman for Volkswagen declined to comment on the story.

It's unclear if the settlement would include any jail time for executives or employees, however similar agreements between the Justice Department and automakers such as General Motors and Toyota have avoided jail time. Prosecutors alleged that Volkswagen employees may have concealed evidence from investigators related to the company's widespread diesel emissions scandal.

In 2015, VW admitted that hundreds of thousands of diesel-powered cars and SUVs exceeded allowable emissions levels by using an illegal "defeat device" to pass tests. The automaker agreed to buy back more than 300,000 cars and pay billions to the EPA for those claims. In addition to a possible settlement, VW also faces a lawsuit by the Federal Trade Commission that could push the eventual penalties and costs for the emissions scandal well past $17 billion in the U.S. alone.